During the previous trading session, the XAU/USD exchange rate skyrocketed to the upper boundary of the short-term ascending channel at 1,427.02. During Thursday’s morning, the rate was trading near the given line.

From a theoretical point of view, it is likely, that a reversal south could occur within the following trading hours. Note, that gold could be supported by the 55-, 100– and 200-hour SMAs, located circa 1,405.00.

On the other hand, the rate could trade sideways along the given channel line. Also, it is unlikely, that the price for gold could exceed the 1,425.00 mark due to the upper boundary of the long-term ascending channel.

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